Brad De Long wrote:
Brad is absolutely correct, except that he should have said, "subsidy and incentive."
> I can't think of a property right that isn't at bottom a subsidy or an
> incentive--an attempt (in theory at least) to make some guy richer and
> align his or her private incentives with social products...
>
> Brad DeLon g
-- Michael Perelman Economics Department California State University Chico, CA 95929
Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu